You’re ready to start a new chapter by buying a new house. Your heart—or your job—is calling you to the small state nestled between the ocean and Appalachian mountains. Maryland is a diverse area filled with rich history, beautiful scenery, and delicious seafood.
Whether you’re from the area or not, you may be wondering about the best time to buy a home in Maryland. Timing is highly influenced by the weather and geography. Explore the factors to consider when choosing the best time to buy a home in “the old line state”:
When to Buy
Maryland vividly experiences all four seasons, which means the housing market follows seasonal trends. Let’s go through the seasons and analyze the best time to both buy and sell a house.
Spring & Summer
The housing market is going to be most saturated during the spring and summer. This is when Maryland is either warming up or at its hottest. It’s a good time for both buyers and sellers because school is out and the government offices are shifting.
According to a study by ATTOM, “May, June, and July offer seller premiums of 10 percent or more above market value.” In fact, May 23 is the best day to sell with premiums at 18.3% above the market price. While the weather and the housing market are both hot during this time, it’s also more competitive. So, be prepared to enter bidding wars and strike quickly!
Fall & Winter
As you might guess, fall and winter are the worst times to sell your home. Premiums are at a low and the holidays really bring the market to a standstill. The new school year has just started and the weather is getting chilly. The days are getting darker and there is less foot traffic.
However, this is a great time for buyers! The cold months are a hot time to dig through the housing market. Buyers can avoid bidding wars with less competition. And, nervous sellers are more willing to compromise in order to make the sale during such a quiet time of the year.
Other Factors to Consider
While the time of year is an important trend to follow when buying a home, several other factors can impact your timing as well. Let’s explore those factors and how they can influence when you buy a home.
Interest Rates
Keep an eye on the interest rates as you prepare to buy. Interest rates impact the mortgage you get. The lower the rate, the more affordable buying a house will be. Even a small difference can add up over time. So, it’s worth keeping an eye on those rates to ensure you make the best choice on a mortgage. Above all, don’t rush into a decision if you’re unsure.
Location
Whether the weather or the housing market is hot or cold, it won’t matter if homes aren’t for sale in locations ideal for you. Choosing the perfect home is just as much a lifestyle choice as a financial decision. Maryland is a small but diverse state. There are mountains, waterfronts, cities, and the countryside. How long is your commute? How family-friendly is the area? What is topography? Do you want to be close to D.C.?
New Build Homes
If you want to avoid the bidding war, new build homes are a great option. They offer excellent amenities, personalized floor plans, up-to-date appliances, and more. Many builders also offer financial incentives, such as contributions toward closing costs. This can pose a great alternative to competing for an existing home!
Final Thoughts
When it comes to buying a home, the fall and winter months are the best time in Maryland. Less competition and cold weather offer ideal conditions for buyers. Beyond the time of year, low-interest rates and favorable locations can also impact your purchasing decision. New build homes offer a great alternative for buyers looking for customized homes with less competition.
Are you ready to buy the perfect home that’s built to fit your lifestyle? Brunswick Crossing has a variety of models and resort-style amenities to meet your needs. Take a virtual tour to discover all the opportunities that await you.
